China's economy might be slower than it has been since the 2008 financial crisis, but that's not stopping the locals from gambling.

Macau is a former Portuguese colony, south of China's port city Guangzhou and West of Hong Kong. It's China's Vegas, only smokier. And despite a weaker economy in 2012, gambling revenue rose 13.5% to a record breaking $38 billion, the Gaming Inspection and Coordination Bureau said this week.

And now with initial signs of macro-economic recovery in China, infrastructure spending increases on rail transportation and the political hand-over behind them, Macau casinos could do even better in 2013.

Shares of Wynn Macau (HKG: 1128), owner of Wynn Resorts in the casino hub of China, are up 24.8% since July. Sands China (HKG: 1928) is up 48.3% over the last six months. Sands owns the Venetian Macau, Sands Macau and The Plaza. MGM China (HKG: 2282) shares are up 26%. And one of the gambling favorites of the fund managers I speak with a lot here for Forbes, Galaxy Entertainment (HKG: 0027) is up over 64% in the last six months as more Chinese take to the slots despite weaker economic growth.